Chicago real estate group paid $16 million for Hewlett-Packard site

HSCommercial Inc. of Chicago paid $16.1 million for a 300,000-square-foot warehouse and distribution center that Opus Development Corp. of Minnetonka, Minn., developed for Hewlett-Packard Co., according to Polk County property records. The companies would not disclose the the price when they announced the deal in late December. HSA purchased the property through four limited liability companies, each with a tenant-in-common interest. Jess HP Iowa LLC holds a 58 percent interest, HP Iowa LLC holds 19 percent, K3D HP Iowa LLC holds 16 percent and RES HP Iowa LLC holds 7 percent. The deal included a 10-year lease that Hewlett-Packard signed in March 2011 with Opus’ ODC Gannett Ave LLC. Hewlett-Packard is expected to move in on Feb. 1. Opus purchased the land for the project for $1.7 million in March 2011 from Army Post Development LC, which is controlled by Richard Margulies. Opus later secured an $11.5 million construction loan for the project.

HSA Commercial Inc. of Chicago paid $16.1 million for a 300,000-square-foot warehouse and distribution center that Opus Development Corp. of Minnetonka, Minn., developed for Hewlett-Packard Co., according to Polk County property records. The companies would not disclose the the price when they announced the deal in late December. HSA purchased the property through four limited liability companies, each with a tenant-in-common interest. Jess HP Iowa LLC holds a 58 percent interest, HP Iowa LLC holds 19 percent, K3D HP Iowa LLC holds 16 percent and RES HP Iowa LLC holds 7 percent. The deal included a 10-year lease that Hewlett-Packard signed in March 2011 with Opus’ ODC Gannett Ave LLC. Hewlett-Packard is expected to move in on Feb. 1. Opus purchased the land for the project for $1.7 million in March 2011 from Army Post Development LC, which is controlled by Richard Margulies. Opus later secured an $11.5 million construction loan for the project.